Door Hardware Market Analysis and Latest Trends
Door hardware refers to the components and accessories used in doors to enhance their functionality, security, and aesthetics. It includes items such as handles, hinges, locks, latches, and closers that are used in residential, commercial, and industrial applications.
The global door hardware market has witnessed significant growth in recent years and is expected to continue its upward trajectory in the forecast period. The market growth can be attributed to factors such as increasing construction activities, rising urbanization, and growing awareness about the importance of security in residential and commercial spaces.
One of the latest trends in the door hardware market is the increasing demand for smart and connected door hardware solutions. With the advent of the Internet of Things (IoT), consumers are increasingly seeking door hardware that can be integrated with their smart home systems. This has led to the development of smart locks and other connected door hardware products that can be controlled remotely through smartphones or other devices.
Another trend in the door hardware market is the growing popularity of eco-friendly and sustainable door hardware products. Many consumers are now opting for door hardware made from recyclable materials and with low environmental impact. This trend is driven by increasing environmental consciousness among consumers and government regulations promoting sustainable construction.
Overall, the door hardware market is expected to grow at a CAGR of 5.5% during the forecast period. The market growth can be attributed to various factors such as increasing construction activities, rising urbanization, and the demand for smart and sustainable door hardware solutions.
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Door Hardware Major Market Players
The door hardware market is highly competitive, with numerous players striving to offer innovative solutions and capture a significant share of the market. Some of the major players in the industry include ASSA ABLOY, Hafele, Roto Frank, dormakaba, Siegenia-aubi, Spectrum Brands, Knape and Vogt, Andersen, Tyman plc, KIN LONG Company, Richelieu Inc., Klein, Allegion, Richards-Wilcox, Marvin Windows & Doors, ABP Beyerle GmbH, SAVIO, L.E. Johnson Products Inc, Masco Corporation, Unison Hardware, INTERSTEEL, Cal-Royal, and Hampton.
ASSA ABLOY is a global leader in the door hardware market, with a range of offerings including locks, access control systems, and security solutions. The company has experienced steady market growth, driven by its focus on research and development and strategic acquisitions. ASSA ABLOY's future growth is expected to be fueled by an increasing demand for smart locks and access control systems, as well as its strong global presence.
Allegion is another prominent player in the market, offering a wide range of door hardware solutions. The company has witnessed significant growth in recent years through strategic acquisitions and expanding its product portfolio. Allegion's market size is expected to continue growing due to increasing security concerns and the adoption of advanced access control systems.
Hafele is a renowned supplier of door hardware products, offering a comprehensive range of solutions for residential and commercial buildings. The company maintains a strong market position through its focus on innovation and product quality. Hafele has witnessed steady market growth and is expected to continue its expansion by leveraging emerging technologies in the door hardware industry.
Although specific sales revenue figures are not available for all the listed companies, ASSA ABLOY reported sales revenue of approximately $10.7 billion in 2020, while Allegion reported sales revenue of approximately $2.7 billion in the same year. These figures indicate the significant market presence and growth potential of these industry leaders.
Overall, the door hardware market is highly competitive, with several players striving to provide innovative solutions and maintain a strong market position. Key factors driving market growth include increasing security concerns, the adoption of advanced access control systems, and emerging technologies in the door hardware industry.
What Are The Key Opportunities For Door Hardware Manufacturers?
The global door hardware market has been experiencing substantial growth in recent years and is projected to continue on a positive trajectory in the foreseeable future. Factors driving this growth include a rise in construction activities, increasing urbanization, and advancements in technology. The market is witnessing a shift towards smart and automated door hardware solutions, driven by the demand for enhanced security and convenience. Additionally, the growing trend of home renovations and remodeling projects has further fueled the demand for door hardware. Overall, the door hardware market is expected to witness significant growth, with manufacturers focusing on product innovation and customization to meet consumer demands.
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Market Segmentation
The Door Hardware Market Analysis by types is segmented into: